YCL Crowded With Sellers
ETF Channel Staff - Thursday, December 13, 4:32 PMIn trading on Thursday, shares of the Proshares Ultra Yen ETF (YCL) entered into oversold territory, changing hands as low as $30.35 per share. We define oversold territory using the Relative Strength Index, or RSI, which is a technical analysis indicator used to measure momentum on a scale of zero to 100. A stock is considered to be oversold if the RSI reading falls below 30.
In the case of Proshares Ultra Yen, the RSI reading has hit 28.0 — by comparison, the RSI reading for the S&P 500 is currently 54.1.
A bullish investor could look at YCL's 28.0 reading as a sign that the recent heavy selling is in the process of exhausting itself, and begin to look for entry point opportunities on the buy side.
Looking at a chart of one year performance (below), YCL's low point in its 52 week range is $30.35 per share, with $37.13 as the 52 week high point — that compares with a last trade of $30.36. Proshares Ultra Yen shares are currently trading down about 0.8% on the day.
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